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BS1209 Introduction to Financial and Management Accounting (PRD2 A 2025/26)
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Whiskin Ltd acquires a new machine on 30th June 2024 for a price of £175,500 in cash. The accounting year-end for Drysdale Ltd is on 31st December 2024. The machine has no residual value and an estimated economic life of 5 years. The company uses the straight line depreciation method. On 31st December 2024, Whiskin Ltd sells the machine for £170,000 in cash.
Which of the answers below correctly shows all the journal entries related to these economic transactions for Library Ltd in year to 31st December 2024?
Bunhill Ltd acquires a new machine on 1st January 2024 for a price of £165,000 in cash. The accounting year-end for Library Ltd is on 31st December 2024. The machine has a residual value of £16,000 and an estimated economic life of 10 years. The company uses the straight line depreciation method. On 31st December 2024, Bunhill Ltd sells the machine for £156,000 in cash.
Which of the answers below correctly shows all the journal accounting entries related to these economic transactions for Library Ltd in year to 31st December 2024?
Library Ltd. has the following account balances on 31st December 2024 (The accounting year-end).
Which of the following statements is correct?
On 30th September 2024 Carlos Ltd. declares dividends of £98,000. On 1st November 2024 the company pays 20% of the declared dividends. Considering all the journal entries related to these transactions, which of the following statements is true?
On 30th June 2024 Charles Ltd. declares dividends of £68,000. On 1st August 2024 the company pays 30% of the declared dividends. Considering all the journal entries related to these transactions, which of the following statements is true?
A manufacturing firm is preparing its monthly income statement using full (absorption) costing. Which of the following costs would be treated as a PERIOD cost (i.e., expensed in the period and not included in product cost calculation)?
A workshop has only 3,000 direct labour hours available next month due to staff shortages. Demand is effectively unlimited.
The workshop can produce Product A or Product B with the following contribution and labour requirements:
• Product A: contribution £8 per unit; 2 labour hours per unit
• Product B: contribution £9 per unit; 3 labour hours per unit
To maximise profit, which product should be prioritised given labour hours are the limiting factor?
A retailer sells a product for £25 per unit and incurs variable costs of £15 per unit. Fixed costs are £80,000 per period.
The sales budget for the period is 12,000 units.
What is the margin of safety (MOS) as a percentage of the budgeted sales volume?
A manufacturer produces a single product and prepares internal reports under both Marginal (variable) costing method and Full (absorption) costing method.
Data for the month:
• Selling price: £40 per unit• Variable production cost: £22 per unit• Budgeted fixed production overhead: £90,000 per month• Normal activity level used to set the OAR: 10,000 units per month• Actual fixed production overhead incurred: £90,000 • Fixed non-production costs: £30,000 per month
Operational data: Production 11,000 units; Sales 10,000 units; No opening inventory.
Which pair of monthly profits is correct?
A company manufactures a single product and reports profits under both marginal and Full (absorption) costing.
Data for the month: • Selling price: £55 per unit • Variable production cost: £32 per unit• Budgeted fixed production overhead: £160,000 per month• Normal activity level used to set the OAR: 20,000 units per month • Actual fixed production overhead incurred: £170,000• Fixed non-production costs: £60,000 per month
Operational data: Production 22,000 units; Sales 19,000 units; No opening inventory.
Which pair of monthly profits is correct?